#以太坊行情解读 My fren came to my house over the weekend, and before I had the chance to change my shoes, he handed me his phone. The screen was all red, the kind of red that is alarming.

His voice was low, as if he was doing something illegal: "180,000 went in, and now there's only 10,000 left..." After pausing for two seconds, he squeezed out another sentence, his brows furrowed tightly: "What I'm doing is spot trading, pure spot trading, how could I lose this much?"

To be honest, I'm not surprised at all.

Because last year when he just entered the circle, he had this attitude - patting my shoulder, his eyes sparkling: "I'm very stable, I won't even touch leverage, just buy spot and hold for the long term, making money is all that matters."

I've heard this too many times.

Almost every newcomer’s first lesson in the circle is to say this to themselves.

It seems that if I memorize this sentence, I can survive in the crypto world.

Reality?

The reality is that spot trading won't lead to a liquidation, but it can slowly wear you down.

The pit he fell into was not due to choosing the wrong cryptocurrency or misreading the trend, but rather because he stumbled into the most hidden traps of spot trading.

When the market is going up, the eyes are wider than anyone else's, always feeling that it can rise even more. Reluctant to reduce positions, fearing to miss out on further gains. When the day breaks and looking back, it indeed went up, and there’s a wave of regret in the heart—if only I had known, I wouldn't have reduced. Just like that, profits slipped through my fingers.

When the market falls, my mind gets confused.

It's not about choosing to cut losses, but rather to keep averaging down. While averaging down, I chant: "Lower the cost, lower the cost..." As if lowering the cost means the losses don't exist.

The position has become heavier and heavier, so heavy that it's hard to breathe.

What about confidence?

The confidence has long been gone, all relying on fantasies and self-deception to hold on.

On the surface, it's called "long-term holding" and "believing in the fundamentals"; in reality, it's just being forced to hold on after being trapped.

The most heartbreaking thing is that spot trading has no emergency brake.

No liquidation reminders, no forced liquidation mechanism, just coldly watching your account balance slowly shrink. The principal is diminishing, patience is wearing thin, and judgment is becoming blurry.

You open the app less and less each day because it feels uncomfortable to look at.

By the time I finally muster the courage to press the "stop loss" button, the account has already become unrecognizable.

Looking at the account curve on his phone, it doesn't resemble any trading record; rather, it looks more like a slowly sinking diagonal line. From high to low, from hope to despair, it is presented so smoothly and cruelly on that four-inch screen.

What we should really be afraid of in the crypto world is not leverage.

Leverage instead has a warning effect.

The most dangerous thing is the illusion of being "very stable"—you think you are making the safest choice, but in fact, you have already fallen into it. Full positions, heavy positions, stubbornly holding on, step by step, each step feels like there is no problem.

Until one day, the numbers spoke.

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